Potential Pitfalls

Catalysts for a sudden drop in the market:

• Failure to pass the current financial reform bill.  This would undo a lot of the rallies in the financials and build more pessimism.  
• European bond default / failed auction.  Less likely than before, but still on the table.  
• Earnings misses and weak guidance for blue chips such as GE.

I am looking for oscillations in early trade and then a resumption of selling in the 2nd half of the day.